A new survey covering small business owners in the Northeast by TD Bank shows that although faith in the U.S. economy's strength is still low. A majority of those polled expected to meet or improve revenues and have stable or increased employee numbers in the next few months.
TD Bank's survey, which polled around 500 small business owners across the Northeast, divulged that about 74 percent of small businesses anticipate either meeting or exceeding revenue estimates this spring. This does show indicates improved performance, with 60 percent of the small businesses that were polled revealed that they met or exceeded revenue forecasts at the beginning of 2012.
While only 26 percent of respondents are confident about the U.S. economy, a surprising 95 percent said they expected to maintain or increase staffing levels over the next quarter, with another 27 percent intend to hire one or more employees.
Fred Graziano, Head of Regional Commercial Banking, Government Banking and Small Business, TD Bank admitted that "Despite lingering conditions that are affecting economic optimism, we have seen firsthand that entrepreneurial spirit and determination in the Northeast remains alive and well." He added that the " survey findings indicate that no matter what obstacles are thrown their way, Northeast small business owners believe they can improve their revenue streams and in some cases, add employees to help contribute to the success of their business."
The survey also shows that about 65 percent of small business owners in the Northeast seem to be happier today than they were a year ago. They are also committed to investing in their business. When they were asked about their capital investment plans, around 59 percent of the businesses polled planned to keep their investments at the same level. However, 29 percent expected to increase their investments.
TD Bank's survey also revealed that small business owners would most likely not move to new commercial space within the next year, with 86 percent saying they are somewhat or very unlikely to relocate.
Graziano acknowledged that "As the economy continues its path to recovery, our expectation is that it will be met with healthier small businesses that are increasing their sales and hiring new employees," He also revealed that TD Bank's "dedicated teams of local bankers from the Northeast and across our footprint are ready to assist and provide small businesses of all sizes with the right banking products and services they need to achieve success."
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